The average local community homeowner annually pays about $300 in additional voted indebtedness for the General Obligation Bond passed in1998, Measure T ($202 until 2033) and Measure EE, our local Parcel Tax ($96 until 2014).
Our community is obligated to make the annual $2.7M payment in principle and interest for Measure T. That equals an average of $202 for each of the 13,375 parcels in Culver City. Add in the $96 in parcel tax we also pay annually and it comes out to about $300 a year in additional voted indebtedness.
Culver City’s County 2012 property assessed valuation is listed on the County Assessor's website as being slightly above $7.5B. For the 13,375 parcels in Culver City, each parcel’s assessed valuation is about $560K.
There is a maximum tax revenue limit of $60 per $100K of value in California. If you multiply the average value of each parcel ($560K) by the maximum tax revenue limit of .06 percent, it equals $336 average cost per parcel.
The $96 parcel tax will cease next year. For only $204 more in parcel tax, we could support our local schools by giving the School District an extra $4M a year for the next 10 years to fix the schools. Thereafter, still would be money coming in to maintain our school facilities without paying all those rich folks, “not one red-cent” in interest.
| COMPARING OUR CURRENT $40.0M MEASURE T BOND FINANCING WITH A $40.0M LOCAL PARCEL TAX | ||
| TYPE | GO BOND | PARCEL TAX |
| AMOUNT | $40.0 M | $40.0M |
| RECEIVING PROCEEDS | 3 ISSUANCES OF $13.34M EACH OVER 6 YEARS | $4.0M EACH YEAR OVER 10 YEARS |
| TIME PERIOD MONEY SPENT | 8 YEARS | 10 YEARS |
| AVERAGE PARCEL PAYMENT | $202 | $300 |
| PAYMENT OBLIGATION | 35 YEARS | 10 YEARS |
| FINANCED BY | LARGE INVESTORS AND INSTITUTIONS | DIRECT FROM LOCAL TAXPAYERS |
| SPENDING TIME LIMIT | MUST BE SPENT WITHIN 3 YEARS AFTER BORROWED | MUST BE SPENT WITHIN THE CURRENT FISCAL YEAR |
| PRINCIPLE | $40.0M | $40.0M |
| INTEREST COST | $55.0M | $0.00 |
| TOTAL COST | $95.0M | $40.0M |
Mr. Laase may be contacted at GMLaase@aol.com
